If due to some reason, you have missed the deadline of filing your income tax returns, then you still can file a delayed ITR.
There is no need to panic, instead file the return as soon as possible to avoid further delays.
Before you file the return on your own or hire a professional tax expert make sure that you are aware of certain things.
Things To Know Before You File Late ITR
1. Last Date To File Delayed ITR
It is important to know what is the last date to file delayed ITR so that you do not miss out the last opportunity to submit your returns.
As per the I-T department, a delayed return has to be filed at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier.
Like every year, December 31, 2023, is likely to be the last date, however, consider approaching a tax professional before filing your return.
2. Penal Interest
A taxpayer is entitled to pay penal interest on any tax due at the rate of 1% per month if you file income tax return after July 31.
3. Exemptions And Deductions
A taxpayer cannot apply for certain exemptions and deductions if they submit their income tax return after the deadline.
Exemptions under section 10A, section 10B, are not available.
Deductions under 80-IAB, 80-IA, 80-IB, 80-IC, 80-IE, and 80-ID are not available.
Simultaneously, taxpayers are entitled to penalties of Rs 5000 for the delayed return filing under section 139 (1). A taxpayer under an income of Rs 5 lakhs is likely to pay a penalty of Rs 1000 as per section 234F.
4. Failure To Carry Forward Losses
Delayed taxpayers cannot carry forward their losses in the next assessment year.
Apart from these, taxpayers occasionally find errors in their returns and want to revise them.
How Many Times Can A Taxpayer Revise The Return?
If a person after furnishing the return finds any omission, mistake, or any wrong statement, then return should be revised within the prescribed timeframe.
A return can be revised at any time 3 months before the end of the Assessment Year or before the completion of the assessment; whichever is earlier.
Revised return can be filed online under section 139 (5).
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